Dear Haley: Making Edits to Draw Requests
I submitted my draw request in CoFi and realized I need to add a few files to the request. The borrower has already submitted their approval, though. Can I still make changes to the draw?
- EDITS NEEDED
Yes! You can make changes to the draw request at any time, right up until the request is marked as PAID.
Any change you make will reset the approval flow, so all users associated with the job (i.e. Borrower, Loan Officer, or others in your organization) will be able to see the changes, reapprove, or request further edits once you save and resubmit your draw request.
My builder has submitted a few invoice requests, but I don’t agree with what they are invoicing for. What should I do?
- NOT APPROVED
DEAR NOT APPROVED:
Sometimes borrowers have concerns about what funding is being requested by their builder. That’s completely normal, and is one of the reasons why the approval process and site inspections are so important!
Reach out to your builder to address your concerns. They will be able to provide clarification on any line items that raise a red flag for you, such as in cases where a deposit is needed to get materials for the job. You may also utilize the Request Edit function in CoFi by clicking View into the request to ask your builder to make adjustments.
Your loan officer will also closely review the inspection report to ensure funding requested aligns with progress of the job. They also have access to the Request Edit function and can ask the builder to adjust the request as needed.
Written by Haley McGlothin. Haley is the Customer Success Manager at CoFi. CoFi Support offers assistance to all CoFi clients, from lenders to builders and borrowers. To submit a question for Dear Haley, email firstname.lastname@example.org with Dear Haley in the subject line.